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Equity-Linked

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  • While issuers from the UK continue to dominate equity capital markets, accounting for almost a quarter of EMEA’s total ECM volume in the first half of 2014, their activity in the equity-linked market remains disproportionately small.
  • Internet security provider Qihoo 360 Technology shook the market this week by launching the largest convertible bond from an Asian ex-Japan issuer in four years. The $900m size is eyecatching enough, but the offering has also been structured as a dual trancher, which is rare among issuers in the region, writes Rev Hui.
  • Yue Xiu Enterprises made its debut in the equity-linked market with a $200m exchangeable bond that attracted keen interest from outrights and hedge funds alike.
  • Yue Xiu Enterprises has made its debut in the equity-linked market with a $200m exchangeable bond, in a deal that saw a solid bookbuilding process with outrights flooding in to the transaction.
  • Telefonica disposed of part of what would otherwise soon have been a directly-held stake in Telecom Italia on Wednesday night through a €750m mandatory exchangeable bond. It was the first of what could be several sales resulting from the demerger of holding company Telco, which owns 22.4% of TI and whose shareholders also include Mediobanca, Intesa Sanpaolo and Generali.
  • Telefonica disposed of part of its stake in Telecom Italia on Wednesday night, through a mandatory exchangeable bond that allows it to comply with Brazilian regulators' demands to sell the shares ahead of receiving them from the demerging of a holding company that Telefonica is part of.